OCTOBER 2020
1
2
DISCLAIMER
Information contained in this presentation, other than historical information, should be considered forward-looking and subject to various
risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct
bearing on the operating results, performance and financial condition of the Company are the general economic environment, which has and
can greatly impact the marine industry; the availability and cost of borrowed funds; the level of consumer spending and available financing;
continued availability of key products; and other factors discussed in MarineMax's filings with the Securities and Exchange Commission.
DECEMBER 2020
3
“Boating is the best way to escape
the stress of life, to create memories
of a lifetime with family and friends.
We are all United by Water.”
– Brett McGill, President and CEO
DECEMBER 2020
DECEMBER 2020
4MARINEMAX AT A GLANCE: FIRST QUARTER 2021
GROSS MARGIN
DILUTED EPSPER SHARE
TANGIBLE NET WORTH
SAME STORE SALES
PRE-TAX GROWTH
$412M
$1.04 $14.92
NET SALES
20%
250%
30%
5
COMPANY OVERVIEW
▪ Largest boat, yacht and super yacht company in the world
▪ Over 100 locations worldwide
▪ Over 25 premium brands with six exclusive
▪ Premium brands drive opportunities
▪ 30 marinas owned or operated and 8,000 slips
▪ Technology driven culture
▪ Customer service focus drives industry-leading Net Promoter scores
DECEMBER 2020
6STORM-TESTED MANAGEMENT TEAM
▪ Bill McGill, Executive Chairman (48 years of experience)
▪ Brett McGill, Chief Executive Officer & President (25 years of experience)
▪ Mike McLamb, Chief Financial Officer & Secretary (23 years of experience)
▪ Chuck Cashman, Chief Revenue Officer (28 years of experience)
▪ Anthony Cassella, Chief Accounting Officer (23 years of experience)
DECEMBER 2020
7INVESTMENT HIGHLIGHTS
▪ Exclusive agreements with premier brands
▪ Global geographic reach with valuable real estate portfolio
▪ Differentiated customer approach producing market share gains
▪ Multiple growth opportunities
▪ Strong culture driven by cycle tested management team
▪ Industry leading balance sheet
DECEMBER 2020
8FOCUS ON PREMIUM BRANDS
DECEMBER 2020
9PORTFOLIO OF VALUABLE REAL ESTATE
$25.8MANNUAL SALES
PER STORE
DECEMBER 2020
▪ Currently maintain 77 retail locations and 23 owned locations in highly desirable geographies
▪ Real estate portfolio includes 30 owned or operated marinas, including restaurants, storage
and service facilities
▪ 68% increase in average store revenue since 2015 to $25.8M
▪ Fair Value considerably higher than book value
10STEADY MARINA REVENUE: CONTRIBUTES TO HIGH MARGIN GROWTH
$10.0M
$13.7M
$15.7M
2015 2018 2020
DECEMBER 2020
11
TEACH ME SERVICE MESHOW ME HOW
TO HAVE FUN
▪ Passionate Boating Team
▪ Captain’s Orientation
▪ Women On Water
▪ Events, Seminars, Classes
▪ Pro-active and Emergency Services
▪ Mobile Service Trucks
▪ State-of-the-Art Equipment and
Facilities
▪ Getaways! Trips
▪ Customer Events & Rendezvous
(Over 1000 Annually)
DECEMBER 2020
FOCUSED ON THE BEST CUSTOMER EXPERIENCE
DECEMBER 2020
MULTIPLE OPPORTUNITIES FOR GROWTH
▪ Premium brands drive sales growth
▪ Brand expansion opportunities within
existing and new markets
▪ Significant margin opportunity
▪ Leverage digital platform
▪ Target select accretive acquisitions
12
13OPPORTUNITIES WITHIN NEW AND EXISTING MARKETS
19%
81%
Sales from six brands represent just 19% of the total market opportunity:
▪ Azimut
▪ Ocean Alexander
▪ Galeon
▪ Aviara
▪ Aquila
▪ Benetti
EXISTING SALES
MARKET OPPORTUNITY
DECEMBER 2020
14SIGNIFICANT MARGIN OPPORTUNITIES
DIGITAL APPS
FULL SERVICE MARINAS FINANCIAL SERVICES
FRASER/NORTHROP & JOHNSONSUPER YACHT SERVICES
EXPANDED PARTS & SERVICE
DECEMBER 2020
DECEMBER 2020
15ADDING VALUE BEYOND TRADITIONAL BOAT DEALER ACQUISITIONS
FINANCIAL SERVICES
PARTS & SERVICES
FULL SERVICE MARINAS
16DRIVING A STRATEGIC DIGITAL TRANSFORMATION
▪ Leveraging digital and marketing analytics,
plus artificial intelligence to create a seamless
experience for customers.
▪ Introduced award-winning MarineMax App,
to give quick, easy access to service scheduling,
monitoring and payment.
▪ Acquired Boatyard (March 2020) a pioneering
on-demand digital platform that connects marinas,
boat owners and service providers.
DECEMBER 2020
RECENT ACQUISITIONS17
DECEMBER 2020
OCTOBER 2020
MARINEMAX EXPANDS GREAT LAKES and
WEST COAST PRESENCE ADDING 20 LOCATIONS ~Accretive Acquisition of SkipperBud’s & Silver Seas Drives Meaningful Growth~
JULY 2020
MARINEMAX EXPANDS FINANCIAL SERVICES BUSINESS~Acquires Private Insurance Services, Inc.~
JULY 2020
MARINEMAX FURTHER EXPANDS WORLDWIDE YACHT SERVICES
WITH ACQUISITION OF NORTHROP & JOHNSON~Creates World’s Largest Superyacht Services Organization~
JULY 2019
MARINEMAX EXPANDS ITS WORLDWIDE YACHT SERVICES~Acquires Leading Yacht Brokerage Company in the World-Fraser Yachts Group~
APRIL 2019
MARINEMAX EXPANDS IN TEXAS~Acquires Sail & Ski Center~
MARCH 2020
MARINEMAX ACQUIRES PIONEERING DIGITAL PLATFORM~Boatyard Founder Nathan Heber to Lead Transformative New MarineMax Customer Experience Platform~
ESG OVERVIEW: MARINEMAX MAKES A DIFFERENCE18
▪ Seek out manufacturers committed to sustainability, environmental stewardship, and low-emissions.
▪ Continually examine and improve processes that affect the environment
▪ Implement measures that ensure the efficient use of scarce resources within operations
▪ Minimize overall waste
▪ Investing significant locations for resources in maintaining and developing the long term
▪ Several locations have been designated Clean Marinas
▪ Providing team members time to volunteer with Habitat for Humanity housing projects
▪ Making charitable donations to Habitat for Humanity
▪ Support the ocean cleanup company 4ocean and their mission to end the world’s plastic pollution crises
▪ Guiding human rights philosophies:
o Respect for the individual regardless of nationality, race, sex
o Compliance with all laws, including all employment laws and regulations,
o Acknowledge team members are most important assets
o Endeavor to provide a safe work place and ongoing training and awareness to ensure that every team member goes home every night in the same condition as they came in to work
▪ Committed to equal opportunity and intolerant to discrimination and harassment
Focused on shareholder alignment:
▪ Separated Chairman & CEO Roles
▪ Maintain a productive dialogue with
shareholders
▪ Employees receive annual training
▪ Values: Honesty, Trust, Loyalty,
Professionalism, Consistency, Always do
what is right, Treat others as we want to
be treated
▪ Always consider the long term
ENVIRONMENTAL SOCIAL GOVERNANCE
DECEMBER 2020
19FINANCIAL HIGHLIGHTS
Strong Balance Sheet
▪ Tangible net worth $339 Million,
$14.92/share
▪ Strong cash position
▪ Most of our locations are debt free
Poised to take advantage of opportunities
as they arise
DECEMBER 2020
$751M
$942M
$1.05B
$1.17B$1.24B
$1.51B
2015 2016 2017 2018 2019 2020
20
DECEMBER 2020
BUILDING STRONG SUSTAINED SALES GROWTH
Achieving growth through:
▪ Brand expansions
▪ Markets share gains
▪ Marina & high margin businesses
▪ 14% average same-store sales growth
21FISCAL YEAR 2020 REVENUE MIX
Mix has shifted to greater
percentage of higher
margin businesses:
▪ 14.7% in 2020
NEW BOAT SALES 70.2%
USED BOAT SALES 15.1%
SERVICE, REPAIRS & STORAGE 6.4%
PARTS & ACCESSORIES 3.0%
FINANCE & INSURANCE 2.7%
BROKERAGE 2.6%
DECEMBER 2020
22GROWTH-FISCAL YEAR PRE-TAX
Note: Unusual gains and expenses removed from 2015, 2017, 2018 and 2019.
DECEMBER 2020
$19.3M
$34.8M
$40.7M
$53.0M$50.8M
$99.1M
2015 2016 2017 2018 2019 2020
▪ 29% Pre-tax CAGR
▪ Most growth generated thru same-store sales
23MEANINGFUL QUARTERLY PERFORMANCE
DECEMBER 2020
OCT - DEC 2020 OCT – DEC 2019
REVENUE $412M $304M
GROSS MARGIN 30.0% 26.3%
SG&A $91.4M $64.4M
PRE-TAX $30.7M $12.3M
PER DILUTED SHARE $1.04 $0.41
▪ Gross margin expansion - growth in product margins and expansion of higher margin businesses
▪ Strong operating leverage
▪ Over 20% same-store-sales growth; comparable new unit sales exceeded 35%
▪ First quarter earnings per share more than doubles
24SIGNIFICANT ANNUAL GROWTH
DECEMBER 2020
2020 2019
REVENUE $1.51B $1.24B
GROSS MARGIN 26.4% 26.1%
SG&A* $290.3M $260.5M
PRE-TAX* $99.1M $50.8M
PER DILUTED SHARE* $3.42 $1.63
▪ Record revenue of $1.51B
▪ Gross margin expansion
▪ Strong operating leverage
▪ Same-store-sales increased 25%
▪ Fiscal 2020 earnings per share more than doubles to new record* Adjusted primarily for store closing costs in each period
25INDUSTRY LEADING BALANCE SHEET
DECEMBER 2020
▪ Strong cash and liquidity
▪ Inventory turns accelerating
▪ Strong level of TNW
▪ Formidable balance sheet provides ability to grow
DEC 2020 DEC 2019
Cash $120.9M $36.0M
Inventories, net $378.9M $493.9M
Property and Equipment, net $149.7M $144.8M
Short-Term Borrowings $163.4M $334.1M
Stockholders’ Equity $482.6M $380.7M
Current Ratio 1.74 1.39
Total Liabilities / Total Net Worth 1.42 1.44
DECEMBER 2020
26PRIORITIES FOR USE OF CASH
MAINTAIN STRONG BALANCE SHEET
CAPEX FACILITIES & IT STRATEGIES
OPPORTUNISTIC SHARE REPURCHASES
STRATEGIC ACQUISITIONS
27
DECEMBER 2020
▪ Exclusive agreements with premier brands
▪ Global geographic reach with valuable real estate portfolio
▪ Differentiated customer approach producing market share gains
▪ Multiple growth opportunities
▪ Strong culture driven by cycle tested management team
▪ Industry leading balance sheet
INVESTMENT HIGHLIGHTS
28
Forbes analyzed more than 850 companies with market capitalizations ranging from $300 million to $2 billion to produce our ranking of America’s 100 Best Small Cap Companies. Our selections are based on four factors: trailing 12 month stock returns, sales growth, earnings per share growth and return on equity.
Clearwater, Florida’s MarineMax is another pandemic opportunist. Annual boat sales are expected to end 2020 on a 13-year high, according to the National Marine Manufacturers Association. Think of MarineMax as Carmax for boats. It today operates 77 dealerships primarily along the eastern seaboard that cater to a wealthier crowd: the average vessel sells for $200,000, with some running more than a million bucks. In the quarter ended September 30, MarineMax revenues shot up 29% to nearly $400 million, and $1.5 billion for the fiscal year. MarineMax’s market cap has doubled since January.
“There was a lot of money that wasn't being spent on European travel, and that was money that they could spend on something else,” says CEO Brett McGill. “So many new people have come into boating this summer... It's a numbers game and it's infectious. It's very rare you see people get in and out for one year.”
29
Forbes analyzed more than 850 companies with market capitalizations rangingfrom $300 million to $2 billion to produce our ranking of America’s 100 Best SmallCap Companies. Our selections are based on four factors: trailing 12-month stockreturns, sales growth, earnings per share growth and return on equity.
Rank Company Industry 52-Week Return Revenue
#3 MarineMax Retailing 103.5% $1.5B
30
NOVEMBER 2020
31
DECEMBER 2020